Have you landed a new job opportunity on the other side of the country? Maybe you find yourself scrambling to find an apartment on a tight turnaround.
Finding an apartment isn’t easy, and conducting a long distance apartment search has many more difficulties. Here are some things you need to know to cut down on the stress of making a long distance search.
Research the area and building thoroughly
Finding an apartment that might work is just the beginning. Apartment Guide makes the early part of seeking an apartment much simpler and more efficient. Finding the right price range, number of bedrooms/bathrooms, and proximity to certain neighborhoods is the easier first step.
Think about how much you don’t know when moving to an apartment in a different part of town. Now that you’re not even in the same general area, you don’t even know the things you don’t know.
Here are some of the next steps you’ll need to take:
Research the building, landlord, and management company: Google is your best friend for this part of the process. Check the Better Business Bureau, and anywhere you find reviews of apartment buildings (our listings have reviews for exactly that reason). Keep an eye out for the trends in reviews. One person’s experience can be an anomaly, but if several people are reporting the same issue, it’s something you need to seriously consider.
Find travel times to important destinations: How long will it take to drive to your job, your kids’ school, the nearest gas station, or the grocery store? Can you walk to any of these places instead of driving? While a long drive might not be a deal breaker on its own, it can have a negative effect on your quality of life.
Find the right timing for your search: Some places have different schedules for renting, such as heavy tourist areas and college towns. If you’re looking at the wrong time, you might not be able to find anything, or apartments won’t be available until much closer to the move in date.
Visit in person or find someone local
It’s always best if you can go out ahead of time to check out the apartment and the area around it in person. If you can’t, this is where it’s especially useful to know someone in the area. Reach out to your social networks. You might not know anyone who lives where you’re looking, but perhaps you have a friend who does. They can fill in the gaps about what areas you should look at, and start to answer the questions you don’t even know to ask. A local contact can check out the apartment and neighborhood for you and even send you photos and video.
If you’re relocating for a new job, ask your employer for help. It’s likely that they will have someone in HR or their relocation department who can provide helpful resources on finding a place to live. They can also put you in touch with local employees and other workers who have relocated from out of town.
Be ready to act
If you are able to make an in-person trip, it’s likely that your time will be extremely limited. You can’t afford to miss out on the right place should you happen upon it. Be prepared to sign a lease immediately. This means coming equipped with all the necessary documentation, including:
Driver’s license, passport or state-issued ID
A utility bill with your current address
Social security card
Checkbook (in case you need to put down a deposit)
Bank statements (in paper or electronic form)
A letter from your employer or recent pay stub
Take a virtual tour
With every passing day, emerging technologies offer new and more efficient ways of doing what previously seemed impossible. Searching for a place to live in a far away location is no exception. Video tours are a growing way to see more of where you’re going to be moving. An increasing number of owners of apartments and rental properties are offering high definition photos, video walkthroughs, 360-degree imagery and in some cases VR apartment tours that you can take from your laptop or smartphone.
Search on ApartmentGuide.com and look for links to slideshow, video or tour in the top right corner of any property page. See the image below for reference.
Lean on the leasing agent
If you can’t get yourself or someone you know out to look at the apartment, you’re not out of luck. In addition to virtual tours, request to set up a video call with the leasing agent. They can walk you through the apartment to give you a better idea of the looks and layout. Never hesitate to ask them other questions, either. Their job is to help current and prospective renters, so take advantage of that.
Be cautious about anything suspicious
When you’re moving to another city, you’re in a difficult and busy situation. It’s easy to miss something. Not everyone is unscrupulous, but you have to remember that you’re vulnerable to being taken advantage of. Be cautious about anything you don’t understand or that looks suspicious. Always ask those questions, and don’t sign something that makes you uncomfortable.
Use this helpful apartment hunting checklist or consider creating your own.
Look for a sublet or short term lease
While shorter-term leases tend to be more expensive, that flexibility can be worth paying for. This gets you somewhere to live in the area for a short time. During that time, learn what you really need to know, and make a more informed decision a few months later. Subletting can give you the same opportunity for less money, at the cost of a little added complexity.
Need more help with your search? Online Apartment Search TipsTips for Researching Neighborhoods Online
Los Angeles Mayor Karen Bass’ homelessness team is looking to purchase a 15-story hotel in the city’s Westlake neighborhood, the latest big expenditure planned as part of her “Inside Safe” program.
In a memo sent to the council’s Budget, Finance and Innovation Committee, Bass and her team acknowledged they are seeking to acquire the 294-room Mayfair Hotel, which served for two years as interim homeless housing before closing its doors last summer. The building has been listed for nearly $70 million in recent months.
Bass and her team declined to say how much the city has offered, saying the price will be revealed when the transaction goes before the city’s municipal facilities committee next month. They said the hotel would serve as a critical tool in the city’s fight against homelessness, helping to reduce the leasing costs associated with Inside Safe, which has moved about 1,200 people off the street and into hotels, motels and other facilities.
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If the city finalizes the purchase, the Mayfair would be a key part of the city’s effort to create “permanent interim housing” — city-owned residential buildings where homeless people can live for up to a year before finding their own apartments.
Under the proposal, the city would provide an array of services on the Mayfair’s ground floor — substance abuse counselors, mental health clinicians and public health workers, Bass said.
“There’s no shortcut to do this. You can warehouse people in a shelter if you want, and they’ll stay there for a couple of days and they’ll be right back out on the street,” Bass said. “We have to think outside of the box, and maybe a little bit outside of the boundaries of what the city is normally doing.”
A broker representing the Mayfair referred questions to Alex Moradi, an executive with the ICO Group of Companies. Moradi did not respond to several requests for comment.
However, Bass’ homelessness team confirmed that the city signed a nonbinding letter of intent with Mayfair Lofts, the hotel’s owner, three weeks ago. That company is affiliated with ICO, according to information provided by the county assessor’s office.
Bass has asked the council to allocate $250 million for Inside Safe, which has targeted encampments in Hollywood, Venice, South Los Angeles and other parts of the city, in next year’s budget. That figure does not include any money that would be needed to purchase the Mayfair. If the sale goes through, the cost of Inside Safe could exceed $300 million for the coming budget year.
Councilmember Katy Yaroslavsky, who serves on the council’s budget committee, endorsed the idea of purchasing hotels and motels, saying the city will need “thousands and thousands of units” to address its crisis.
Yaroslavsky said her office has tried repeatedly without success to lease hotels and motels in her affluent Westside district. But paying rent to motel owners is also “not a good long-term strategy,” she said.
“The logistics of trying to negotiate one-off [agreements] with hundreds of motel owners puts us in a bad bargaining position,” she said. “When we go one by one, we’re not optimizing our buying power.”
On Wednesday, Bass and Yaroslavsky went to the mayor’s 16th Inside Safe operation, located along a stretch of San Vicente Boulevard in L.A.’s Beverly Grove neighborhood, which is part of Yaroslavsky’s district. Nearly two dozen tents had taken hold on San Vicente’s median strips and other rights of way.
Jeremy Mosley, who had been living on one of those medians, said Wednesday he was ready to make the move. But he sounded unsure about relocating to a motel in South Los Angeles, more than a dozen miles away.
“I want to see what it’s like. Because this does look bad. I know it does,” he said, gesturing to the furniture, tarps and other possessions that occupied the median.
The mayor’s proposed homelessness budget for the coming year lists four separate line items for the acquisition of interim housing, which add up to $73 million. Bass’ team declined to say whether all or a portion of those funds would go toward the Mayfair.
Those funds are not included in the $250 million being requested for Inside Safe.
The Mayfair was the site of a $37-million renovation in 2018 and 2019, according to the property’s real estate listing. In 2020, it became one of several hotels across the city to participate in Project Roomkey, a federally funded program that moved homeless Angelenos off the streets as part of the nation’s response to the outbreak of COVID-19.
City leaders voted to end the Project Roomkey program last year. But several of the locations that participated in the program continue to serve as temporary housing for L.A.’s homeless population.
Last fall, the council voted to keep the Highland Gardens Hotel operating as temporary homeless housing at least through June 30. That facility, located in the Hollywood Hills, offers 72 rooms, or up to 143 beds.
City Administrative Officer Matt Szabo said the hotel will probably remain as interim homeless housing through 2025, at a cost of about $6 million per year. At that facility, leasing costs are about $4,550 per room per month, according to a report to the council. Once social services offered by PATH, or People Assisting The Homeless, are included, the monthly room cost exceeds $7,000.
Councilmember Nithya Raman, who represents the Hollywood Hills, worked to secure Highland Gardens before Bass took office. Bass, for her part, was closely involved in the effort to retain another Project Roomkey hotel, the L.A. Grand in downtown Los Angeles.
The L.A. Grand was originally slated to close as temporary homeless housing on Jan. 31. Bass’ team succeeded in leasing 481 rooms at that facility for an additional year. The monthly cost of a room, which includes not just lodging but also meals, is $154 per night, or nearly $4,700 per month, according to a memo provided to the council last month.
The council would need to sign off on a purchase of the Mayfair. Meanwhile, at least one former Mayfair resident is objecting to the proposed acquisition.
Cynthia “Mama Cat” Trahan, 62, who lived in the Mayfair for about four months, said Project Roomkey staff treated the hotel’s temporary guests with “very little respect,” searching them when they entered the building and sometimes going into their rooms without permission, she said.
Buying the hotel is “just not a good idea,” said Trahan, who now lives in an apartment in Glendale.
“We should be investing in putting people in apartments, not hotel rooms,” she said.
Watch L.A. Times Today at 7 p.m. on Spectrum News 1 on Channel 1 or live stream on the Spectrum News App. Palos Verdes Peninsula and Orange County viewers can watch on Cox Systems on channel 99.
Boston fintech firm Knox Financial plans to expand its lending business and loan products with $50 million in funding it received from a real estate advisory firm.
New York-headquartered Saluda Grade provided the funding in forward flow capital which Knox will use to expand its lending business into Georgia, Knox representatives said Wednesday. The fintech also will offer additional loan products, including home equity lines of credit (HELOCs), new purchase loans and cash-out refinancings.
“A homeowner’s best investment is the home they live in — far better than the returns we’ve seen from the stock market in 2022, and a great hedge against record-high inflation,” said David Friedman, co-founder and CEO of Knox Financial.
Established in 2018, Knox aims to help manage residential rentals with its algorithm-based platform. Its rental pricing and projection model also calculates the rate of return an investment property is expected to produce over time. When a property is enrolled in the platform, Knox automates and oversees the property’s finances and taxes, insurance, leasing, banking and bill pay, according to the company’s website.
The funding comes shortly after Knox launched its first mortgage product, dubbed the Knox equity access program (KEAP), in April. KEAP loans give homeowners access to capital, based on the equity in the home, to turn it into an investment property with Knox. Homeowners can then use their KEAP loan to fund a downpayment on their next home and to pay for repairs on their investment property.
In return, Knox charges an origination fee and third-party costs to the borrower. Knox also keeps 10% of the rental income generated from properties listed on its platform.
Prioritizing home equity solutions in a rising rate environment
The 2022 housing market has been underscored by interest rate spikes and refi decline and lenders are working hard to adjust to new borrower trends. HousingWire recently spoke with Barry Coffin, managing director of home equity title/close at ServiceLink, about the ways lenders can capitalize on these trends by revving up their home equity solutions.
Presented by: ServiceLink
Knox’s expansion comes amid a shrinking mortgage origination market. As mortgage rates began increasing this year, lenders, mortgage tech firms and real estate brokerages started laying off employees, often citing rapidly declining market conditions.
With rising mortgage rates, company representatives said Knox has seen growing interest in second lien products such as home equity loans or HELOCs from borrowers who have tappable equity but don’t want to refinance.
“As mortgage rates have risen, more inventory will become available at more competitive pricing,” said Matt Marra, chief growth officer at Knox.
Knox Financial raised $10 million in Series A funding in April 2021, led by G20 Ventures, following a $3 million seed round in January 2020. The largest markets for Knox are metropolitan areas of Boston, Atlanta, Houston, Dallas and Austin, Texas. According to Marra, Knox oversees a portfolio of $150 million in combined value.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
The question of whether a car is an asset or a liability has been debated for decades.
The reason for the debate is that there are many types of cars in the world and each car serves different purposes.
In the past, many people bought cars that were used and old to save money, because they believed it was cheaper in the long run than purchasing new ones every few years. This mindset shifted after some studies showed that replacing your car more often actually costs you less over time in terms of maintenance cost and depreciation on your vehicle value when compared to keeping a newer model longer.
Nowadays, most consumers are aware that the car is an asset and are more willing to pay for a new one.
However, there is a huge caveat on how you purchase the car, the age of the car, and the purposes of the vehicle.
All in all, depreciation can eat into your car’s worth.
What’s your take on this debate?
What is Considered an Asset?
The definition of an asset is broad and includes most things that have value. Assets are tangible or intangible property such as land, buildings, equipment, intellectual property such as patents and trademarks, or stocks.
This can be anything from a physical asset such as a house or equipment, to a more intangible asset such as a strong brand name or a loyal customer base.
Is a car an asset or liability?
A car is an asset to its owner because it took money to buy the vehicle. It is also a liability in that the cost of maintaining the car can be high, and depreciation on a new vehicle can eat into a person’s savings.
There is no definitive answer as to whether a car is an asset or a liability. It depends on the specific situation and the person’s circumstances.
For example, if someone needs a car to get to work, then the car would be considered an asset. However, if someone only uses their car for recreational activities, then the car would be viewed as a liability.
On the whole, cars are considered liabilities. They require regular maintenance, insurance, and other associated costs. However, there are a few exceptions. For instance, in some cases, a car can be used as collateral for a loan or as an investment vehicle.
Is a Car a Depreciating Asset?
A car is a depreciating asset because its value decreases over time. The depreciation of a car is based on a number of factors such as the age of the car, the make and model of the car, the condition of the car, and the miles on the car.
Cars are assets, but not smart investments as they will depreciate over time.
Reason # 1 – Wear and tear
Cars require a great deal of care and maintenance in order to keep them running smoothly. This includes everything from regular oil changes and tune-ups, to replacing worn-out parts and fixing dents and scratches.
In addition, cars depreciate in value over time due to normal wear and tear.
Reason # 2- Higher Mileage
The value of a mile decreases the more it is used. This is because the value of something depends on its rarity and when something becomes common, its value decreases.
The average car is only good for 200,000 miles. This is because of both the increased mileage and the cost of repairs as a car gets older.
Reason # 3- Cars become obsolete
Cars are becoming obsolete because new models and makes are constantly being released. This means that people want the newest and latest model, so they trade in their old car for a newer one.
Plus many of the parts for older cars become harder and harder to find. Thus, causing the cost to repair to escalate.
Reason # 4- Cars are not investments
Some people may argue if a house is an investment as well.
When you think of an investment, you want a certain rate of return on your money.
Most people use the stock market as a benchmark of earning 8% of the initial outlay of money. Thus, a car is an investment that depreciates over time. It will lose value as it gets older and the parts wear out.
If you want a return on your money, you should be asking is now a good time to buy stocks?
Can a Car Appreciate?
Yes, vintage cars and luxury sports cars have always been the exception. There are select vehicles that are in pristine condition with little to no mileage. These collector cars have a special fan base willing to spend money on these appreciating collections.
However, for the average car, the answer has always been a resounding NO!
Well, that was up until 2020, when used vehicles started to increase in value due to lack of microchips availability has been scarce causing the production of new cars to be halted. Thus, the supply and demand for new cars have been skewed causing an increase in car worth.
As the supply chain gets back to normal production, this appreciation in our sedans, trucks, and SUVs will be short-lived.
How To Calculate Car Value
Car value is the estimated worth of a car. There are two main methods for calculating this:
The trade-in method, which takes your vehicle’s current market value and divides it by its estimated remaining life span.
The resale method takes your vehicle’s current market price and then subtracts the depreciation rate from that value to get a car’s market value.
To calculate the value of a car, you need to know its make, model, year, and condition.
Personally, I like finding the worth of a car based on its Kelley Blue Book (KBB) value. This is the resource my dad used when he worked in the car industry, so I can trust the information.
The KBB value is updated monthly and takes into account recent sales and modifications.
When it comes time to buy, sell, or trade-in your car, you’ll need to know a fair price.
You can use a variety of methods to calculate your car’s worth, including using online tools, checking with dealerships and other buyers in your area, and looking at recent sales data. Remember to factor in your car’s condition and mileage when calculating its worth–prices will vary depending on the location and condition of your car.
Car Value Deprecation Curve
Before you head out and purchase your car, car value depreciation is a real consideration in your decision.
As KBB states, the first year of owning a brand new car will depreciate the most. While it feels great to drive off the lot in a brand new SUV, you can watch hundred dollar bills float behind you with how quickly the car depreciates.
To calculate the depreciation of a car, it varies depending on the make and model.
However, here is a car value depreciation chart to estimate based on.
In year one, most models will depreciate at least 20% or more.
From years 2-4, the car depreciates about 10% each year.
After five years, a car will depreciate about 60% of the original purchase price.
Car Value Deprecation Curve Example
For example, let’s take the average price of a new car of $47,077 according to Car and Driver.
1st year = car lost $9415.40 in value and is now worth $37,661.
2nd year = car lost another $3,766 in value and is now worth $33,895.
3rd year = car lost another $3,389 in value and is now worth $30,505.
4th year = car lost another $3,050 in value and is now worth $27,464.
After 5th year, the car has lost an estimated $28,246 in value and is now worth about $18,830
That is the reason most people do not believe a car is an asset.
That is a depreciating asset. Would you consider an investment if you knew 60% would be wiped away in less than five years? Probably not.
This is why most thrifty people look for cars that are at least 5 years old and lost most of the depreciation. Personally, I have never purchased a new car; everything I owned was new-to-me used vehicle. Even growing up as a daughter of a car salesman and manager, my parents never purchased a brand new car due to deprecation.
Another reason beater cars are super popular!
How Your Car Is An Asset
There are a variety of ways to define what an asset is, and whether or not a car falls into that category depends on the definition used.
In general, most people would say that a car is an asset because it has value and can be sold for money.
However, there are other definitions of assets that may not include cars. For example, some people might say that an asset is something that generates income or increases in price.
A car can be an asset for someone who is making money off of it. For instance, an Uber driver uses his or her car as a business asset. The car is providing them with income, and thus it can be considered an asset.
On the other hand, most people use their vehicles for personal use as a mode of transportation and do not make money off of it. If your car was purchased with cash or paid off, then you can consider it an asset.
Is a paid off car an asset? Yes.
Why is a car not an asset?
A car is not an asset because it depreciates in value the moment you drive it off the dealership lot. While it may be a necessary expense, it is not an asset that increases in worth over time.
Is a leased car an asset?
No, a leased car is not an asset because the asset (car in this case) is the asset of the leasing company. This is 100% liability for you and a monthly payment which you must make.
Leasing a vehicle allows you to drive it for the length of your lease term without the risk of buying and then selling or trading in at the end of your lease. Once the lease expires and if you decide to purchase the car, then it would be considered an asset on your net worth.
How Your Car Is Considered A Liability
The car is considered a liability if the debt exceeds the car’s value.
Simply put… If you have an auto loan, your car would be considered a liability.
Given that most people believe car loans are a part of being an adult, many view cars as a liability and monthly payments normal.
In addition, a car is a liability because, like any other depreciating asset, it will lose its value over time.
The longer you own it, the more money you will likely have to spend on repairs and general upkeep. This means that your car is not only costing you money every month in terms of payments and insurance, but also in terms of the decreasing worth of the asset itself.
Is a car loan an asset?
A car loan is a type of debt that is incurred when borrowing money to buy a new or used car. Thus, the car loans are considered liabilities and the car itself would be considered collateral.
Should I Include My Car in My Net Worth Calculation?
The answer to this question depends on how much your car is worth.
Personally, at Money Bliss, we recommend counting the vehicle as an asset and any auto loan as a liability. That means you would include both in your net worth calculations.
The reason why to include in net worth is if you had to sell your car immediately, you would be in one of two situations:
You have instant access to cash if needed.
You owe more in your car loan and thus, have negative equity. Meaning you would have to pay additional money to get out of your car loan and sell your car.
To keep your net worth accurate, you should adjust the price of your vehicles as they decrease over time.
Is Having a Car the worst investment of your Money?
There are a lot of factors to consider when answering this question.
Owning a car can be a major expense, and there are a lot of costs that come with owning a car, such as insurance, registration, and maintenance. However, a car can also provide a lot of benefits, such as convenience, freedom, and security.
Ultimately, it depends on your individual circumstances.
Know someone else that needs this, too? Then, please share!!
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Get ready to experience comfortable and convenient living in the Shipley Terrace neighborhood of Washington, D.C.! Pre-leasing for Ridgecrest will begin soon, offering quality and affordable apartments that perfectly balance comfort and convenience.
Apartment Community Amenities
Residents at Ridgecrest can enjoy 24-hour availability, a playground, controlled access for peace of mind, and high-speed internet to stay connected. You can also take advantage of their on-site laundry facilities and package-receiving services. Ridgecrest Village provides off-street parking, on-site maintenance, and on-site management to cater to your needs. They also offer the convenience of paying rent online and professionally manicured grounds to relax and unwind.
Apartment Amenities Designed with your comfort in mind
Ridgecrest Village Apartments come with air conditioning, ceiling fans, cable-ready units, efficient appliances, a refrigerator, a gas range, hardwood floors, and window coverings. These features provide the perfect balance of functionality and comfort to make your apartment feel like home.
Pet Policy
Unfortunately, we do not allow pets on our premises.
Neighborhood Features
The Shipley Terrace neighborhood is a vibrant community offering a range of amenities. Enjoy a splash park, community pool, and the Town Hall Arts and Recreation Campus, which provides access to a variety of activities, including arts and crafts, fitness classes, and more.
We can’t wait to welcome you to Ridgecrest in Shipley Terrace. For more information about pre-leasing or to schedule a tour, please contact us today!
Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.
Inside: Learn why you may want to drive a beater car. Plus find tips to make sure you are getting a good deal.
Okay, let’s preface with… my dad has been in the car industry for over 40 years. So, I have grown up in dealerships, car garages, and service centers. My friends call me an expert, but I prefer to just be helpful so they don’t overpay when buying or getting repairs done.
Now, that authority is established, let me help you understand the beater car mentality.
If you are looking for a cheap used car, but don’t know where to find one, check out this guide that will help you get started.
Buying a used car can be tricky. It’s not just about finding one that is inexpensive, but also getting the right size for you and your lifestyle.
There tends to be more mystery surrounding what it’s like buying a new car from the dealership than an old one from somewhere else.
The main reason is that usually, they do not disclose how much of the price tag is going towards depreciation. What happens when your brand-new vehicle goes through years worth of wear and tear? It depreciates at a staggering rate and you end up with the same old car that’s only worth what is left of it.
Did you notice that keyword in the last paragraph – depreciation!
For many who are choosing to lower their costs and pursing FIRE movement, they know that a brand new car will depreciate the most within the first five years.
In this article, I will be shedding some light on how to find a cheap used car in your area if you are shopping for one. Also, if you are maintaining a beater car, you will find the tips to make sure your car lasts many more years.
Driving a beater car is not a sign of being poor or reckless. You still need proper auto insurance to drive.
With this guide, you’ll find out which cars have what features and quality that will fit your needs and lifestyle. Now, let’s find a car with features that are important to get around town and save your wallet!
What Is a Beater Car?
A beater car is usually an older, higher-mileage vehicle that still runs and is legal to drive.
The term “beater” was coined because many of them have cosmetic damage and mismatched paint.
A beater car is rarely pretty but “gets the job” when it comes to getting you and yours from here to there.
What is the point of a beater car?
A beater car is a reliable and easy-to-fix car that is cheaper than a new car.
The point of a beater car is to save money and reduce the amount of maintenance that needs to be done on it.
It has little intrinsic value, & while not “easy on the eyes,” a beater car is generally a smart choice to wear into the ground.
There are many advantages to buying a used car, including insurance savings, tax breaks, and lower operational costs.
Beaters can also provide peace of mind because they are easier to repair if something does go wrong.
Should you drive beaters?
People are in different situations when they are buying cars.
The best customers for cheap cars are either first-time car buyers or people who have to save some cash to reach a financial goal they set in place.
On the other hand, if you like reliability, make income from your car, enjoy looking good, or do not know your way around a car, maybe you should skip a beaters car.
How Can You Recognize a Beater Car?
A beater car is a car that is older and cheaper than other cars in its class. It may also have high mileage or corrosion on the body. You can look for these signs to help you identify a beater car.
More than likely, they will be easy to spot. Many common ones include Honda, Toyota, and Suburu. Those are the engines that can keep on running!
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Is a Beater Car Worth It?
Well, there are two sides to the coin on this one. So, we will present both arguments first.
Definitely Worth It
Simply put, a beater car is one that doesn’t cost a lot of cash. You can find reliable and affordable beaters if you know where to look. In most cases, the best way to find a cheap used car is by checking out local classified ads or online listings.
Beater cars are a great way to save money on all sorts of fronts.
For starters, they’re cheaper to buy than most other cars. Additionally, used cars can help with taxes, insurance, and maintenance costs.
In short, a cheap car is a great way to get around while keeping your expenses low.
Um, Hello – No!
A beater car is not worth it. There are many reasons why you should not buy a beat-up vehicle. The first reason is that they are cheap, and the owner will most likely not take care of them properly. Not only will the car need repairs, but you could also have to buy a new one.
Didn’t you know that you can lease a vehicle for next-to-nothing with a low-interest rate? (p.s. don’t fall for that line. Leasing a car is the worst thing you can do financially. That is a post for another day on leasing vs buying a car.)
All in all, it depends on what you need and what you can afford at the moment. For many, the answer to this question is yes, but only if you are looking for a cheap car.
What is the price of a beater car?
A used car is a vehicle that has been previously owned, so it has depreciated in value.
The price of a beater car is difficult to determine and varies depending on the quality of the vehicle, its condition, and what it might have been used for. Typically, you can find a solid mechanical vehicle for around $5000.
You can always check against the KBB price and run the VIN to check its reported history.
Beater Car Benefits:
The benefits of a beat-up car are listed here. Many people are proud of their vehicles and proudly want to be a part of the 200k miles club.
They include the opportunity to drive around with no maintenance, the ability to use it for parts, and the freedom from monthly payments.
A used car is cheaper upfront than a new car.
Cheaper on insurance. Beater cars require minimum coverage, so they’re cost-effective for monthly expenses.
A beater car is cheaper on gas (this is true for sedans; not so much for SUVs or trucks.)
The car will retain its value and not depreciate much more.
The car can still be sold for what was paid for it, as long as it is in the same condition.
Now, let’s dive a little deeper into each of these.
#1. Cheap Price
One reason to prefer a cheap car is because of the low price point.
For the first time ever, the price of a new car tops $47000 – an all-time high (source). That is a whole lot of money especially when it loses most of its premium in the five years.
Driving a beater may not feel as luxurious as driving a newer car, but the cheap price point lets you save money.
#2. No Car Payments
There are many benefits to not having car payments.
One of the most obvious is that you save money. In addition, not having car payments can also reduce stress and anxiety levels, because you’re not as tied down to a monthly payment.
It is not normal to have a car payment your whole life. That lifestyle will cost you a fortune with lifestyle creep.
#3. Cheaper Gas
Old and beaten-down cars that don’t require premium fuel will be heaven for your wallet, saving you hundreds, maybe even thousands of dollars per year.
Gas prices vary throughout the day, so drivers should plan their trips around the cheapest prices. In addition, using a cheap car can save you money on gas in the long run.
#4. Cheaper Parts
First of all, you need to find a reliable mechanic or be able to do some of the work by yourself.
In addition to being cheaper, older car parts are also easier to find. Car parts are still available from common car manufacturers, so you don’t have to go through a premium supplier to get what you need.
Additionally, the older vehicles do not have the fancy chips like the newer cars that make the cost of parts increase and the difficulty of getting those types of parts.
#5. Minimum Insurance Coverage
Buying a used car saves money on car insurance.
You only need to meet the minimum insurance requirements of your state, and you don’t have to worry about finance companies taking out full coverage collision and comprehensive insurance.
However, you may want comprehensive coverage if the cost is minimal compared to replacing the car. For instance, if you pay an additional $50 per year for full comprehensive coverage that will give you the $5k worth of your car back if something happens. That may be worth the extra cost.
Plus driving a car with a lower resale value can help save on vehicle taxes.
#6. Less Depreciation
Older cars have already depreciated in value over the years, so they aren’t going to lose much more during the period of your ownership.
Plus if the engine gives out, you can always sell it for scraps and parts at the local junkyard. That will help you recoup costs for another one.
Remember, you wipe away value from your brand new car once you drive off the dealer’s lot (source). This is a hot debate on whether your car is an asset or liability.
#7. More Freedom
When you are not bogged down by expenses of maintaining a high-value car, you have more freedom.
This is more freedom in your budget and more time freedom as you don’t have to work hard to pay for your mode of transportation.
Think about it… if you invested $500 a month for seven years at the average rate of return of 8%, you would have accumulated $55,000. Compounding interest will do amazing things for your net worth.
Beater Car Downsides:
Saving money is the biggest benefit of buying a used car.
Beater cars are potentially less safe than modern cars.
Long-distance car rides might not be possible with a cheap car
Downsides to having a good beater car include the possibility of breaking down and being far away from home if needed.
Possible more maintenance.
There is more risk. You don’t want to gamble.
#1. Less Safety
Cars from before the 2000s don’t have the same crashworthiness as newer cars.
This is a factor that you cannot deny and a serious factor when considering your purchase.
In a collision, they are more likely to sustain damage and injure the passengers inside.
#2. Low Probability of Longer Trips
These are great for commuting around town and getting you to and from.
However, there is a low probability you want to use them on longer trips.
Given there are many things that could go wrong, you don’t want to break down far from home or even a nearby city where you can get repairs done.
You don’t anticipate needing to take this car on long trips in the near future because there is a low probability of needing to take it on longer trips. This is due, in part, to the fact that it doesn’t have great gas mileage and you don’t think you’ll need to use it for long distances.
#3 – Higher Maintancence Costs
You always need a sinking fund for repairs when you own a beater. Period.
You are one drive away from something going out and needing to be repaired.
Also, you need to find a quality mechanic that thrives on keeping older ones running without nickel and diming you along the way.
You cannot use a dealership service center to maintain your baby.
Which Are the Best Beater Cars?
The best beater cars are cars that are cheap, have low mileage, and are easy to repair. The cars are great to use as a daily driver, but they are not ideal for long distances.
Cheap cars can be a good option for car buyers on a tight budget or for young drivers.
There are many reasons to consider buying a used car over a new car, but the decision ultimately depends on the buyer’s needs and preferences
What are some good beater cars?
These reliable beater cars can be a great way to save money on car buying.
Some of the better cars to choose from that would make for a great beater include Toyota Corolla, Honda Accord, and Honda Civic.
They are old, but still in pretty decent shape. All in all, you want to look for one that is very well maintained and highly cared for. The ones sitting in your grandparent’s garages that were hardly driven and immaculately maintained.
What to Check Before Buying a Beater Car
The best way to ensure that you’re buying a good quality car is to do some research and make sure you know your facts.
All dealers are not created equal, so it’s important to check out what other people are saying about the dealer. Also, make sure that the car you’re buying is in good condition and has a clean title.
Many times, a beater is a car that is used to transport things such as furniture, trees, etc. Sometimes they are usually not very well maintained and maybe not very well cared for.
However, a used car can still be a good car for someone who is looking for a cheap car and does not care about the condition of the car.
Specifics to Look For:
Low mileage
Consider the brand/model
Fuel economy
Exterior and interior condition
Reliability
Maintenance history
Number of owners
Number of accidents
Anything rebuilt like the engine
For example, one of the Toyota Corollas I owed was older but had a new engine installed. Thus, the value of the Corolla was higher as the engine had minimal miles on it.
In fact, here is a picture of it… doesn’t look like a junker right?!?!
Questions to Ask Yourself:
Before buying a used car, you should check the following:
Is it in good shape?
On the engine, is it manual or automatic?
Is it the right size for your needs?
Does it have enough power?
Does it have enough room?
Is it reliable?
Is it comfortable?
Easy to drive?
Is it safe?
How to Buy a Beater Car
When buying a beater car, you should check the following things:
1. Finding One to Buy
Many times, this will be the hardest part. Sometimes, the easiest if someone needs to get rid of one quickly.
Try buying a beater car from friends or family.
The next place to check is your mechanic. Remember, they are your best friends in this process and always know the movement of these types of cars.
Also, you can check online – Facebook Marketplace, NextDoor and Craigslist are great options but follow your instincts.
Lastly, you can try a local dealership. However, be very careful as you don’t want to be scammed or pay more than the car is worth.
2. Check the VIN Number
VIN stands for Vehicle Identification Number. A VIN is a serial number that identifies the make, model, and vehicle type of a motor vehicle.
The VIN number is a unique identifier for a car that can be used to learn about the car’s history and identity. The number is usually 17 characters long and contains both numbers and letters. It can be found on the dashboard, driver’s side door, or engine of the car.
More importantly, it can be used to learn about the car’s history and identity, including its make, model, year of manufacture, and more. Even if the car was stolen.
3. Look at Mileage
Beaters usually have high mileage, but how high is too high?
Do your research for what could be a red flag. Look up how the specific make and model you’re considering holds up in high mileage.
In this regard, lower is better, although beaters will generally have higher mileage than a newer used car. Look for beaters with 80,000 to 150,000 miles on the odometer, but don’t go over 150k miles. You want to drive it into the 200k mile club, right?
4. Run the Auto History Report
You want detailed information on a car’s history, including maintenance and repair records. This can be helpful in determining whether or not a car has been well taken care of. If a car has had many owners in a short period of time, it may be an indication that the car was neglected.
The VIN number (vehicle identification number) helps you obtain a vehicle history report by running through a service, like CARFAX. Companies like VINCheck.info and AutoCheck provide vehicle history information, too.
A good indication that a car may have been neglected or doesn’t run well is the fact that it has had many owners in a short period of time.
5. Checked by Your Own Mechanic
If you haven’t figured it out by now, a trusted mechanic is a must!
Before agreeing to the purchase, you must have the vehicle independently audited by your own mechanic. This may come at a small cost, but it is better to know the condition of the mechanical systems before you purchase.
Also, your mechanic can tell you what you should pay for it as well as any outstanding repairs or maintenance that needs to be done.
6. Passed State Inspection
When buying a car, it is important that it passes state inspection. If it doesn’t, you may end up spending more cash on repairs and/or fines.
You can ask for the last inspection report. If it has been more than a year, it is worth testing it again.
In any case, you don’t want to buy a car only to have it break down on you soon after.
7. Take it for a Test Drive
When you’re looking to buy a used car, it’s important that you take it for a test drive. This allows you to listen to any loud noises and also gives you a chance to feel the car out.
If something doesn’t feel right, then it’s probably not the right car for you.
When you’re looking to buy a used car, it’s important that the seller allows you to take the car to a mechanic for a test drive. If they don’t, it’s probably because they’re trying to hide something and it’s best to move on.
Fixing a Beater Car:
The best option for fixing a beater car is always to do the repair yourself. This will save your finances and allow you to learn more about how your car works. There are a variety of resources available online that can help you with this process, including videos, articles, and forums.
If you find a car with engine problems, you will need to consult a mechanic. The problem may be something simple that is quick fixes with a tune-up, or it may be more serious.
If the cost of repairing a used car is almost as much as what you paid for the car, then it may be time to move on.
Selling a Beater Car:
The process is very similar to buying it except now you are the seller!
The same places you would look for one would be the same places you would sell it – friends, NextDoor, Craigslist, mechanic, or Facebook Marketplace.
You might even be able to get some cash for your beater car by trading it in at a dealership. The dealership will likely give you less than if you had sold the car to a private party, but it’s better than nothing. However, some dealerships have pretty awesome trade-in policies to get you in a new and more expensive ride!
Reasons NOT to Buy a Beater Car
The most common reasons not to buy a used car are that they are very expensive to fix, impractical in terms of fuel efficiency, and require more time and effort than expected.
However, those of us who have owned older sedans, SUVs, or trucks know the significant savings associated with it and get many weird looks for others.
Top 10 Reasons NOT to Buy a Beater Car:
You want/need a good-looking car.
High reliability is a priority.
You are a one-car family.
You will lose your mind trying to fix it.
It’s going to break down and you’ll be stranded somewhere, losing money.
You will have to get a new car eventually anyway.
It’ll cost you more money in the long run because it’s not worth fixing up and selling later on.
You won’t be able to sell it for what you paid because it’s too beat up.
You think leasing a car is a better deal.
Deep down, you think a car payment is normal.
Is an Older Beater Car an Issue for You?
Beater cars can be a good option for people who want to save money on their car costs.
There are many advantages of a cheaper car including avoiding car loans and down payments, cheaper gas, and minimal insurance requirements. Plus used cars have already lost much of their value and are a better investment.
Maybe a full one beater isn’t right for you, but maybe a seven-year-old minivan with 85,000 miles is perfect.
In all honestly, people who are looking for a cheap car should consider buying an inexpensive car instead of a luxury car.
Now, I want to hear your favorite stories about your precious gem and how many miles it lasted…
Know someone else that needs this, too? Then, please share!!
The Federal Reserve already had some tough decisions to make at its meeting later this month and the May jobs report is not making things any easier. Job growth surprised economists yet again in May, with total nonfarm payroll employment rising by 339,000 jobs compared to April, according to data released Friday by the Bureau of Labor Statistics.
This increase is in line with the average monthly gain of 341,000 jobs over the past 12 months.
However, as more people entered the workforce in May, the unemployment rate ticked up to 3.7%, compared to 3.4% in April, with the total number of unemployed persons rising to 6.1 million. The unemployment rate has remained between 3.4% and 3.7% since March 2022.
“Even though the pace of layoffs has picked up, many businesses, particularly in transportation, healthcare, and hospitality, continue to have strong demand for workers,” Mike Fratantoni, the Mortgage Bankers Association’s chief economist, said in a statement. “Data earlier this week showed that job openings in April increased to over 10 million postings once again.”
The lion’s share of the job growth in April came from gains in the professional and business services sector (up 64,000 jobs), the leisure and hospitality sector (up 48,000 jobs), the government sector (up 56,000 jobs), and the health care sector (up 52,000 jobs).
The construction sector also saw job gains in May, adding 25,000 positions, thanks to a large uptick in heavy and civil engineering construction, which added 10,700 jobs. Residential building construction added 2,400 jobs during the month. Over the past 12 months, the construction sector has added an average of 17,000 jobs per month.
“The Federal Reserve’s monetary tightening has negatively impacted the housing industry, a very interest-rate sensitive sector, but the construction labor market has not experienced a sharp decline,” Ksenia Potapov, a First American economist, said in a statement. “The continued strength is partially due to the years-long struggle that builders have had attracting and retaining skilled construction workers, making them less likely to part with skilled workers, even in a weaker housing market.”
The real estate and rental and leasing sector also added jobs in May, with employment rising by 2,800 jobs. The gains were split fairly evenly, with real estate adding 1,200 and rental and leasing adding 1,500 jobs.
In February 2020, a combined 300,000 were employed in “real estate credit” and as mortgage and non-mortgage loan brokers. As of April 2023, there were roughly 342,100 people in those jobs, up slightly from the 340,800 in March, thanks to a slight in the number of mortgage and non-mortgage loan brokers employed. With the housing market remaining at a much cooler level than last year, there is still the potential for further cuts in these sectors.
But while the number of employed persons rose in May, wage growth held steady for the month prior at a 4.3% year-over-year increase, further complicating things for the Fed.
The Wall Street Journal, citing sources, reported Thursday that the Fed is increasingly likey to pause rate hikes at its June meeting. But that was before the jobs report came out.
“The Federal Reserve may be hoping for a soft landing, but its main priority is bringing down inflation. If the Fed perceives the economy to be too hot, it’s likely to push on the monetary tightening pedal,” Potapov said. “The Fed remains data dependent and April’s FOMC statement did not explicitly state—only hinted—that the Fed would pause rate hikes. The above-expectation job gains in May increases the likelihood that more rate hikes are ahead.”
Industry experts predict that this uncertainty will lead to mortgage rates remaining around their current level.
“For now, mortgage rates, which have already hit an eight-month high last month, will likely stay elevated and continue to constrain housing market activity this summer,” Lisa Sturtevant, the chief economist at Bright MLS, said in a statement. “Home prices will continue to soften though prospective buyers should not expect to see sellers slashing prices, as the inventory of homes for sale remains tight.”
Our rights as women have come a long way since we earned the power to vote on August 26, 1920.
But the financial playing field between men and women still isn’t level. Not even close.
To help you make waves in your own financial life, I interviewed several Millennial and Gen Z women to find out what financial advice they’d give to other women today
Here’s what they had to say.
What’s Ahead:
1. “Don’t be afraid to negotiate your salary.”
Anna Barker, Founder of LogicalDollar, offered me this advice.
There’s no question that it can be scary to ask for more money. Especially as women, we often internalize the feeling that we’re going to be seen as pushy or demanding if we ask for a raise.
However, various studies show this is actually one of the reasons women end up earning less over their lifetimes than men, who tend to be more likely to ask for more money.
2. “Take advantage of any employer match ASAP.”
Barker also talked with me about retirement. One of the best things that you can do for your future financial security is to start investing as early as possible.
If your employer offers any matching of your 401(k) contributions, this is basically free money and you should do everything you can to invest up to the limit of the match.
3. “Avoid high-interest debt.”
According to Barker, a big money mistake that a lot of women in their 20s and 30s make is signing up for high-interest credit cards. To be clear, credit cards can actually be a great tool if used correctly — which primarily involves paying the balance off in full by the end of each billing cycle.
The problems start to arise once those interest-free periods run out and you realize you’re not able to immediately pay off the debt you’ve accrued.
4. “It is SO cliché, so hear me out… please start saving early for retirement!”
Heather Albrecht, Financial Coach and Founder of Balance Financial Coaching, discussed this with me.
It’s hard because when you’re young, you seem to have SUCH a long time until that money is needed. But the math doesn’t lie.
Starting young makes it easier because you can save less. Gosh, I wish I had made the space in our spending plan to save earlier even though it seemed impossible. The $25 here or there would have been huge by now.
5. “Start using a spending plan or budget. Zero it out each month, and save the rest.”
Albrecht also spoke with me here. And I have to say if I had been able to get myself into the mindset of “saving money is spending money on my future freedom” at a younger age, there would have been a lot less stress at times.
Budgeting doesn’t have to be difficult, either. Just pick the right method and it’ll become just another habit.
6. “As a Millennial myself, the best money advice I would give women in their 20s and 30s is to diversify how you save and spend money.”
Siobhan Alvarez, Founder of Budget Baby Budget, shared this wisdom with me.
I am a big believer in not being dependent on one checking and savings account! I have a long-term high-yield savings account for an emergency fund, a savings account at my local bank for big purchases, a checking account for everyday expenses; and a checking account for fun purchases throughout the month.
This has helped me not only pay off a huge amount of debt over the past few years but do it in a way so I didn’t feel like I was missing out on life and fun!
7. “Protect yourself and your people financially.”
Brittney Burgett, Head of Communications at Bestow, gave this little nugget of advice. Emergency savings, disability insurance, and life insurance matter, especially if you have financial dependents.
Insurance, in particular, is more affordable to buy the younger and healthier you are. I, for example, have life insurance because I own a home.
My mom is my beneficiary, so if anything were to happen to me, the payout from a policy would enable her to continue the mortgage payments and decide later on what to do with my house — keep it, rent it or sell it. Life insurance would give her flexibility when it’s needed most.
8. “Educate yourself so you understand how money, interest, and debt works.”
Lindsay Feldman, Publicist and Founder of BrandBomb Marketing, broke down this for me.
It wasn’t until I really started reading financial books and listening to podcasts that I really began to take control over my financial situation. Understanding how money, interest, and debt works are key to being able to make your money work for you. I look at everything differently now which has empowered me to make smarter decisions.
9. “Sign up for Experian Boost. It’s free and will report monthly bills that generally don’t boost your credit like a phone bill, gas, and power!”
Feldman offered up a way for folks to finally help their credit the easy way. Experian Boost™ is free and it takes just a few minutes to sign-up.
Always be on the lookout for ways to improve your credit – it’ll only help you in the long run.
Feldman shares a great tip that can help homeowners own their home sooner (and pay wayyy less in interest). If it’s possible, work those extra payments into your budget.
11. “When it comes to money, you can have your cake and eat it too.”
Youmna Rab, Founder of Brilliantly Budgeting offered me this quote.
You don’t need to save every penny you earn and give up your favorite indulgences like spa days or dinners out.
If you make a plan for your money, you can enjoy what you like while also saving money for the future.
12. “Do not share bank accounts with anyone you’re dating but not married to, even if you live together.”
Shannon Vissers, the Financial and Retail Analyst of Merchant Maverick, shared some tough love here.
If you break up or your partner spends on things you don’t agree with, you’ll have no legal recourse to get your money back apart from suing them in small claims or court (which is expensive and stressful and may not go in your favor).
13. “Do not lease your car. Take out a loan instead.”
Vissers makes a good point here as well. A lease is essentially a very expensive car rental, and it’s a bad choice unless you’re wealthy enough to comfortably afford this luxury.
This doesn’t mean you can’t get a new car when you’re young. Rather than leasing a car out of your price range, opt to finance a cute, reliable car that you’ll own in three or five years (ideally three). You’ll build credit history this way and, in a few years, you won’t even have a monthly car payment.
14. “Be a minimalist, especially if you rent.”
While this tip may not be for everyone, there’s a good reason Visser’s offers this pearl of wisdom as well.
A good case can be made for spending on experiences when you’re young – trips, concerts, etc. — but overspending on retail goods is another story. Ever heard of the saying, what you own, owns you?
It’s true.
Remember, you’ll have to deal with all your clothes, shoes, furniture, kitchen items, knick-knacks, etc. the next time you move — and your headaches will be compounded if you have to move to a smaller place.
15. “The greatest gift you can give yourself is to save and invest early.”
Sarah Jane Paulson, CFP® at Valkyrie Financial, gave me this bit of guidance.
The classic pay yourself first mentality is the easiest way to a financially strong future. Build that emergency fund (or F*** You fund, if you prefer) of three to six months worth of expenses in a separate account other than your everyday checking.
Then go out and open an IRA or Roth for yourself. Put your money into cheap, diverse index funds and keep adding to it. The greatest money strength you have on your side is that you have years for the market to create an avalanche out of the first few snowflakes of money you invest.
16. “Becoming a financially grown-up woman means unlearning a lot of money lessons society taught us as girls: that men are better at money and math (they’re not), that investing is scary (it’s not), and that the best route to financial stability is to marry a high earner (absolutely not!).”
Sara Rathner, credit cards expert at NerdWallet, wanted to share this with other women.
So throw all those old lessons in the garbage, because that’s where it belongs. Now, today, learn everything you can about managing your finances on your own.
There is nothing more empowering than being the boss of your own life, and of being an equal partner in your relationships. No one will ever care as much about your money as you will.
17. “Surround yourself with people with similar money values.”
Sue Hirst, Co-Founder and CFO of CFO On-Call shared her experience when we talked.
When I was in my 20s, I used to hang out with many people who didn’t share my money values. As a result, almost every time I went out with my friends, I splurged money recklessly due to peer pressure.
This was one of the top reasons I was unable to save as much money as I would have liked each month. Looking back, I wish I had either told my friends directly that I wasn’t comfortable spending huge amounts of money routinely, or made new friends whose financial values aligned with my own.
18. “Make saving a habit as soon as you start making income.”
Imani Francies, Finance Expert at US Insurance Agents, shared this little mind shift.
Saving becomes easier when you look at yourself with the same significance that you look at your power bill or any other bill. No matter what, you are going to do your best to pay your power bill. You should feel the same way about putting money into your savings.
Paying yourself first every month is investing in your future. Even if you can only put $5 into a savings account once a month, start early.
19. “Budget, but give yourself room to indulge.”
Lisa Thompson, Savings Expert at Coupons.com, offered up ALLLL the good tips when I spoke with her.
What’s your weakness: designer handbags, weekend getaways, fine dining with a great bottle of champagne? Make room for things you love by controlling what you spend in other areas.
20. “Cash back offers are everywhere, from brands like Rakuten, to credit card perks, to apps like Coupons.com. Use them!”
Thompson also offers this bit of advice. Refuse to pay full price for anything until you’ve looked for an offer. If you can pair a coupon or cash back offer with a store discount or sale, bam! That’s a savvy way to shop.
21. “Learn to use credit cards wisely.”
To tack on, Thompson also had this to say.
She makes a good point, too. Today, there are so many options for credit cards that offer perks from cash back to miles to points, as well as incentives, like a free Dash Pass for DoorDash or money toward a Peloton membership. The key, of course, is to not carry a balance and pay so much interest that it cancels out the perks. But if you can learn to use credit cards wisely by paying them off each month, the perks and incentives can help make everything from dining out to travel more affordable.
22. “Get a side gig by turning a passion into a money-making opportunity.”
Finally, Thompson ended our conversation with the quote above.
Do you love essential oils? Make balms, rollerballs, and pillow sprays, and sell them on Etsy or at pop-up shops.
Do you love thrifting, going to estate sales, and visiting antique shops? Find items worth more than what you’re paying and resell them! Facebook Marketplace is the perfect spot for that, and it’s free.
If you can turn a hobby into a source of income, that’s extra money for you to invest, save, or use as your slush/entertainment fund.
23. “Know your worth and advocate for yourself when negotiating.”
Amy Maliga, Personal Finance Consultant at Take Charge America, tells it like it is with her wise advice above.
Since the gender pay gap is still a real thing (ugh), it’s important to do your research on salaries for your position and advocate for yourself when negotiating a new job or discussing your annual performance review.
24. “Set goals and actively work toward them.”
Maliga offered me a simple but strong piece of advice above.
Whether it’s buying a home, starting a business, or embarking on world travel, setting financial goals gives a structure and framework to how you plan your finances.
25. “Forget FOMO. Don’t be afraid to say no.”
Maliga also makes a good point here.
TikTok made me buy it – or did it?
It’s way too easy to shop these days, and social media knows exactly what it takes to get you to press “add to cart.” When you’re tempted to buy something you hadn’t planned on, or friends are trying to talk you into activities you can’t afford, keep those long-term financial goals in mind, and don’t be afraid to say no.
Summary
We celebrate Women’s Equality Day every August 26th to commemorate the day the 19th Amendment finally recognized that women have the right to vote. But that same equality hasn’t trickled to the financial space yet, where the gender pay gap, wealth gap, and investing gap still exist today.
We’ve made a lot of progress over the decades, but a lot still needs to happen at the company, state, and national levels to achieve equal pay and equal opportunities for equal work. Until then, I hope these financial tips from awesome Millennial and Gen Z women serve as inspiration for how you can up the ante in your own financial life.
Are there any tips you’d add to the list? Let me know in the comments below!
When it comes to apartment living, ensuring the safety and security of your living space is crucial for your experience. Being aware of potential hazards that can arise during your lease term can save you time and money and protect you and your living experience.
We’ve gathered eight potential apartment mishaps and the practical tips and tricks renters need to know to safeguard their space. By taking proactive measures, you can create a safer living space and enjoy peace of mind in your apartment.
1. Fire
There are a lot of steps taken by property management for renters to protect them against fires. They install smoke detectors in key areas of your apartment and ensure they are in working order. Renters should take it one step further, by regularly testing them and replacing batteries as needed.
Residents should also inform themselves of the tools readily available in the building in the event of an emergency. Hallways should have fire extinguishers readily available and renters should educate themselves on how to use them. Additionally, it’s key to familiarize yourself with the building’s fire evacuation plan and exits.
2. Mold
Renters can take proactive steps to prevent mold growth in their apartments. One effective measure is to ensure proper ventilation by utilizing the installed fans in bathrooms and kitchen areas. These fans help to remove extra moisture from these high-moisture areas, reducing the chances of mold formation.
It is also crucial to promptly report any water leaks or excessive moisture to the landlord or property management. Necessary repairs or actions are then taken to address the issue and prevent mold growth. In the case of wet areas, it is important to clean and dry them to reduce the likelihood of mold growth.
3. Pests
To safeguard your space from critters, start by keeping it clean and free of food crumbs. You can do this by regularly vacuuming and sweeping the floors, wiping down surfaces and immediately cleaning up any spills or crumbs as they come.
Another kitchen trick is to store food in airtight containers and promptly dispose of garbage in sealed bins. You can also request maintenance to seal any cracks or gaps in windows, doors and walls you notice to prevent pests from entering.
If necessary, use non-toxic pest control methods like traps or baits, or request your apartment to consult a pest control service to address any infestations you notice like bed bugs. These preventive measures effectively secure your apartment from pests and help you enjoy a pest-free living space.
4. Carbon monoxide poisoning
Protecting your apartment from carbon monoxide (CO) poisoning is crucial. Ask the leasing staff if CO detectors are in their apartments and if they’re not, request they do so or install your own. Other tips include avoiding indoor use of grills, keeping vents open and not blocked and educating yourself and your roommates about CO poisoning symptoms.
Common symptoms include headaches, dizziness, nausea, confusion, weakness and difficulty breathing. As carbon monoxide is colorless and odorless, it is challenging to detect without equipment. If you experience these symptoms and suspect carbon monoxide poisoning, it is important to evacuate your apartment immediately, seek fresh air and contact emergency services.
5. Electrical issues
Some common electrical issues renters may run into during their lease include power outages, tripped circuit breakers and faulty switches or outlets. While the on-site maintenance team is the best resource in most of these situations, there are a few things renters should have on hand in case of emergency.
During a power outage, having a portable battery pack is essential. You can charge your electronics, plug in a flashlight and have power on hand for however long you may need it.
For tripped circuit breakers and faulty switches, it’s best to leave these alone and consult the apartment maintenance team to avoid making the situation even worse. You can avoid these mishaps by not plugging too many things in at once and checking for faulty switches and plugs when you initially move in and notifying the leasing staff.
6. Burglary
While apartments are generally secure, burglaries can still occur meaning additional security is necessary. Start by checking that all potential entry points, including your apartment door and windows, have sturdy locks in good condition.
You can reinforce sliding doors with bars or a security rod with tools for additional peace of mind as well. If your apartment comes with a security system, it is worth the additional fee to utilize it for less stress. If they do not, consider installing an apartment-approved security system like a Ring doorbell camera to keep an eye on your apartment surroundings. Wireless alarm systems, door and window sensors and security cameras all further secure your apartment home.
It’s also important to establish good relationships with your neighbors, as they can act as an extra set of eyes and ears. If you’re going to be gone for a long period of time, asking a neighbor you trust to collect any packages or mail left in front of the door also helps your apartment appear occupied during your absence.
7. Storm damage
From light rain to tornados, there is a lot you can do to secure an apartment, belongings and yourself from potential damage. In the case of bad weather, make sure to remove any patio furniture that would be blown away or damaged by rain and other weather conditions. Moving your car to a higher level in the parking garage or a higher elevation spot on the road will also protect your car from the damage of flooding.
In severe weather, secure any loose items or furniture inside your apartment that could be easily knocked over during a storm. Another essential step is having an emergency kit prepared with essentials like flashlights, batteries and a first aid kit. Lastly, determine the building’s area designated for residents to go during a storm. If your building doesn’t have a storm shelter, choose an enclosed spot away from windows.
8. Personal safety is your first line of defense
We’re not always in our apartment, and it’s important to stay aware of your surroundings even in apartment common areas, garages and mail rooms. Avoid getting your mail or moving your car late at night to protect yourself from others.
If your apartment has a gate code or main door code, avoid sharing with too many individuals, as limiting access helps maintain security and prevents unauthorized entry. Being vigilant and cautious in these shared spaces can significantly contribute to the overall safety of your apartment.
Protect yourself and your living experience with enhanced apartment security
As a savvy renter, you may not have complete control over your new apartment living experience, but there are numerous proactive steps you can take to secure an apartment you’re renting. By following these tips and tricks and utilizing the apartment on-site teams, you’re protected from the expected and unexpected.
Ready to find your safe space? Start your apartment living journey today.
If you’re moving away for college and planning to bring a car, remember to check how this change might impact your car insurance. You might need to purchase your own car insurance policy, for example, or you may be able to stay on your parents’ policy if you meet certain conditions. Having the right coverage in place can help ensure you’re covered in case of an accident.
If you’re a teen driver or you have a teen driver listed on your policy, you might also be looking for ways to save. Adding a younger driver can make car insurance more expensive, but the good news is that some companies offer cheaper average rates than others for college students. In addition, several companies offer competitive student discounts.
The best car insurance for college students
While many of the best car insurance companies provide discounts to college students, some are more generous than others. Below, Bankrate’s insurance editorial team selected five top car insurance providers that offer competitive rates to college-aged drivers on their parents’ policy, according to 2023 auto insurance rate data pulled from Quadrant Information Services.
Each company is listed with its Bankrate Score, which shows how well each insurance provider performs overall, on a five-point scale. Our team calculates Bankrate Scores by analyzing each company’s average premiums, coverage offerings, discount options, complaints filed with the National Association of Insurance Commissioners (NAIC), mobile app, J.D. Power score for customer service and AM Best rating for financial strength. The closer a company scores to five, the better it performs across each category.
Insurance company
Bankrate Score
Average full coverage premium with a student discount on their parents’ policy
Average full coverage premium without a student discount on their own policy
Geico
4.4
$2,523
$4,048
State Farm
4.2
$2,689
$7,089
Progressive
4.2
$3,163
$7,088
Farmers
3.8
$2,762
$6,567
Allstate
3.8
$4,184
$7,089
*Rates calculated for 18-year-olds students, either on their parents’ joint policy with a student discount applied or on their own policy without a student discount applied
Geico
Why we picked this carrier: Geico offers a low average full coverage rate when adding an 18-year-old college student to their parents’ car insurance policy.
If you’re looking for cheap car insurance, you may want to get a quote from Geico. Geico’s average annual cost for full coverage car insurance for 18-year-olds on their parents’ policy is $2,523 per year with a good student discount. College students may also be able to qualify for other discounts to further bring down the cost, like Geico’s discounts for membership in several organizations. The company received a high Bankrate Score of 4.4 for its wide range of discounts and low average premiums. However, the company lost a few points for its lack of optional endorsements. Unlike some of its competitors, Geico does not offer a 24-hour helpline.
PROS
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Offers discounts for fraternity, sorority, honor society and other membership organizations
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Several student discounts available
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Low average rates for college students added to their parents’ policy
CONS
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No 24/7 helpline
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Few optional endorsements
Learn more: Geico insurance review
State Farm
Why we picked this carrier: State Farm offers a generous potential discount percentage for good students.
Parents with 18-year-old students on their State Farm auto policy pay an average annual cost of $2,689 for full coverage car insurance with a good student discount. State Farm offers savings for eligible college students who can maintain a GPA of at least 3.0. Students attending school away from their primary residence without a car may also be eligible for a distant student discount, and combining these two discounts could result in an even lower premium. The company received one of the highest Bankrate Scores on our list for its low average premiums, accessible mobile app and excellent online policy management. However, if you’re interested in buying accident forgiveness coverage, a State Farm policy wouldn’t be ideal. The company only offers the coverage as a perk earned by having a certain number of claim-free years on your record, which can’t be bought.
PROS
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Low average rates for college students added to their parents’ policy
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Good student and distant student discounts available
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Offers a safe driving program for teens called Steer Clear
CONS
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Gap insurance unavailable
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Accident forgiveness can’t be purchased, only “earned”
Learn more: State Farm insurance review
Progressive
Why we picked this carrier: Progressive’s Snapshot telematics program could be a great savings opportunity for college students who drive safely and infrequently.
Progressive’s average annual cost of full coverage car insurance for 18-year-olds on their parents’ policy is $3,163 with a good student discount. In addition to the standard good student and distant student discounts, Progressive also offers Snapshot, a usage-based car insurance program — which could help lower your rate based on your driving habits. The company earns a high Bankrate Score for its exceptionally wide range of coverage options, plentiful discounts and seamless online policy management. However, the company tends to have lower-than-average customer satisfaction ratings according to J.D. Power.
PROS
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Usage-based car insurance available
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Good student and distant student discounts available
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Offers an automatic teen discount for drivers age 18 and younger
CONS
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Typically ranks lower than the average in J.D. Power customer satisfaction
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Rates may differ between online and agency quotes
Learn more: Progressive insurance review
Farmers
Why we picked this carrier: Farmers offers several discount opportunities to students.
Parents with 18-year-old college students on their policy pay an average of $2,762 for their insurance each year with Farmers with a good student discount applied. Farmers also offers a youthful driver discount for anyone under 25 who is a child or grandchild of a current policyholder. While Farmers scored well in terms of mobile app and policy management, the company doesn’t have 24/7 customer support and is not available nationwide.
PROS
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Students who make the dean’s list or honor roll may be able to save
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Several student and young driver discounts available, such as the Youthful Driver discount
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Offers a telematics program called Signal
CONS
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Not available nationwide
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No 24/7 support
Learn more: Farmers insurance review
Allstate
Why we picked this carrier: Allstate has multiple discount opportunities for college students.
Although Allstate has a high average premium for a student on their parents’ policy, college students may be able to apply discounts to bring down the cost of auto insurance. College students who can maintain a GPA of at least 2.7 may qualify for a good student discount, which is more generous than many other insurers’ good student discount qualifications. The company’s Bankrate Score was impacted by its high premiums. However, it gained points for its A+ (Superior) AM Best financial strength rating and user-friendly policy management.
PROS
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Money-saving programs such as Smart Student and teenSMART available
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Several student discounts available
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Robust digital tools
CONS
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High average premiums
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Fewer additional coverage options than other carriers
How can college students lower their car insurance premium?
Because car insurance rates for young drivers are significantly higher than the national average cost of car insurance, finding ways to save money may be critical. To find cheap car insurance for college students, you may want to get several quotes to give you an idea of what you will pay. Some other ways to save include:
Student discounts
Many car insurance companies offer discounts designed specifically for college students, such as:
Earning good grades in school demonstrates to insurers that you are responsible, making it more likely that you are a responsible driver and often earning you a discount.
Another way to save money on car insurance is to complete a driver’s education course. For example, drivers with a Geico insurance policy could save by completing a defensive driving course to refresh their memory on the rules of the road.
You could save money by leaving your car at home when you are away at school. Most car insurance carriers will discount your rate if you a a certain number of miles away without a car, prorating your premium to reflect the months you are away at school and not using your vehicle.
Students can often save by demonstrating their safe driving practices through insurance programs designed for young drivers. For instance, there are savings programs like American Family’s Teen Safe Driver, for drivers under age 21, and State Farm’s Steer Clear program, for young drivers up to age 25. After completing the program, drivers could get a discount on their car insurance.
Affiliation discounts for students
Many insurance companies also offer discounts for students who participate in certain organizations or associations, such as:
Geico offers car insurance discounts for fraternities, sororities and even honor societies, along with an extensive list of other organizations.
Some companies may offer discounts if you are an alumni of a certain university or even if you’ve simply completed a two- or four-year degree.
If a parent is a veteran or military member, you might save extra money on your car insurance through military discounts. As a military-only provider, USAA is one option for military discounts for your car insurance, but a few other companies offer military discounts, too, such as Geico, The General and Liberty Mutual.
Other ways to save
In addition to student and affiliation discounts, there are other ways college students can help lower car insurance premiums using these additional savings programs:
Lower your mileage: When you spend less time on the road, there’s a lower risk of accidents happening, so many carriers will offer lower car insurance premiums to drivers who rack up fewer miles.
Drive a used car: Newer cars may be more expensive to repair or replace, so rates could be higher. A used car is generally cheaper to fix and may qualify you for lower car insurance premiums than a new car. Driving a vehicle with extra safety features is another way to potentially earn lower premiums, so explore models with safety features like anti-lock brakes, electronic stability control, forward-collision warnings and automatic emergency braking.
Explore pay-as-you-go insurance: Instead of paying full price for car insurance, you might be able to sign up for pay-per-mile insurance, which monitors your driving and charges your car insurance accordingly. It’s a popular option with several car insurance companies: Allstate offers its Milewise program and Nationwide has its SmartMiles program.
Car additions: Some additions and upgrades may make your car safer and help you save money on car insurance premiums.
Dash cams: Dash cameras could help reduce car insurance rates by reducing the likelihood of crime involving your vehicle and also protecting you against false liability claims that could cost your insurer money. Discounts for dash cams aren’t common, but you may find a carrier that offers one.
Navigation systems: A GPS navigation system can help keep you feel more prepared when driving, helping you drive slower and more safely, which could translate to lower rates.
Anti-theft device: A car alarm or other anti-theft device may earn you extra discounts by lowering the risk of theft or vandalism.
Ways to save on driving
Driving can be expensive, especially so for college students on tight budgets. Keeping transportation costs low can help students afford to keep their cars and maintain insurance on the vehicle. Here are some ways to save on gas and vehicle maintenance.
How to save on gas
Gas can be pricey, especially if you drive often. Here are some ways to lower your gas costs:
Choose a car with good gas mileage: College students often commute between home and school, so a car with excellent gas mileage can easily save hundreds of dollars each year.
Use a rideshare service: Using rideshare services like Uber and Lyft can help you save on gas costs, and may be especially cost-effective if you opt for group ridesharing, where you split the cost with others.
Utilize public transportation: Public transportation can almost entirely eliminate transportation expenses. Buses, trains or subways are often a fraction of the cost of driving and are usually accessible at most colleges or universities.
Invest in a bicycle: A bicycle can be an even better substitute for public transportation, especially for students in urban areas. Using a personal bicycle is free after purchase, and there are also typically lots of options for low-cost bike sharing or rentals in more populated areas.
Carpool with your classmates or colleagues: If you must drive, consider setting up a carpool or car-sharing arrangement with classmates or colleagues who live along your route. They will probably appreciate the opportunity to save money and it gives you the added benefit of some company during the commute. Just be sure to talk to your insurer if you’re exchanging money for gas and maintenance, to make sure you’re still covered.
How to save on maintenance
Maintenance costs should be factored into buying a vehicle as well, as they can be a large portion of your car budget. Here are some tips to save on maintenance:
Find car deals for new graduates: Many car manufacturers offer special purchase deals for current college students or recent graduates to buy a new car. There may also be short-term leasing specials available for students for those not ready to purchase a vehicle.
Ask about student savings programs for oil changes: Another potential place to save is regular oil changes. College students can burn through many miles and require more frequent oil changes, but many of the larger chains, such as Jiffy Lube, offer students discounts.
Utilize free tire and air fill-up services: To save extra money on diagnostic and professional services, check your tire pressure yourself. Most gas stations offer free or cheap stations to check tire pressure and add air if necessary.
Research DIY repairs: There are several basic car repairs that can be done at home. Learning how to do essential maintenance can save money on parts and high labor costs. It will also save time to repair the car on your own schedule. These basic repairs are easy to learn and can save hundreds of dollars. Before attempting them, it’s worth researching potential safety hazards so that you can avoid complications:
Change the battery.
Change the oil.
Change your spark plugs.
Replace tail lights or headlights.
Swap out windshield wipers.
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
$100,000 bodily injury liability per person
$300,000 bodily injury liability per accident
$50,000 property damage liability per accident
$100,000 uninsured motorist bodily injury per person
$300,000 uninsured motorist bodily injury per accident
$500 collision deductible
$500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually.
These are sample rates and should only be used for comparative purposes.
Age: Rates were calculated by evaluating our base profile with age 18 (base: 40 years) applied. The 18-year-old driver on their own policy is a renter. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.